Waters Wrap: ASX’s Chess DLT meets calamitous fate—what can be learned?
The future of exchange technology resides in the cloud…not blockchain. Anthony says ASX proved this with its Chess replacement project.
“We began this project with the latest information at the time …”
This was the opening line in a statement by Damian Roche, chairman of the Australian Securities Exchange, after news broke that the exchange would take an AUS$245-255 million (~$165-170m) pre-tax write-off after halting its Chess blockchain project. This coming after a review by Accenture found problems with deadlines not being met, excessive complexity with what was completed, and issues in governance between ASX and Digital
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